Boeing replaces CEO Jim McNerney

Boeing said on Tuesday that the aircraft manufacturer is replacing CEO Jim McNerney with the company’s current president and chief operating officer, Dennis Muilenburg.

After a decade in the top job at Boeing (BA), McNerney will leave the CEO post but remain as chairman of the company’s board. Muilenburg will take over as chief executive on July 1, with McNerney remaining as an employee of the company until February. In a press release, Boeing said McNerney would stay with the company “to ensure a smooth transition.”

Muilenburg, who stepped into the COO role in 2013, has been with Boeing since he started as an intern in Seattle 30 years ago.

“As CEO, Dennis will bring a rich combination of management skills, customer focus, business and engineering acumen, a can-do spirit and the will to win. With a deep appreciation of our past accomplishments, and the energy and skill to drive those to come, he is well suited to lead our very talented Boeing team into its second century,” McNerney said of his successor in a statement.

Boeing’s stock, which is up more than 9% over the past year, fell in after-hours trading following the news of the CEO shake-up.

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